What are the benefits of adopting CSR?
Corporate Social Responsibility (CSR) has gone from being a trending buzzword to a business essential that is key to a positive reputation. Its basis lies in ensuring that your business has taken into account the impact that it has on immediate stakeholders and communities. And it’s all about taking responsibility for that impact and helping to ensure that it is positive. However, CSR is entirely voluntary and you don’t have to go to the effort of adopting it for your organisation – so, what are the benefits that have resulted in so many enterprises taking this philosophy on board?
Reducing operational costs and streamlining processes
Financial benefits provide a significant incentive when it comes to CSR – and can come from any part of the business. CSR encourages organisations to be less wasteful and to reduce emissions, for example. This could mean going paperless, reducing power consumption or using energy technology that requires less fuel. While the purpose for making changes such as these is to minimise the physical impact the business is having on the natural world, the knock on effect is that it costs less to run the business. This is just one example of the ways in which CSR can contribute to lower costs.
Improving business reputation
Can you honestly say that your organisation is a responsible business? Compliance is often a box ticking enterprise for many businesses but CSR is not about doing the minimum to ensure that you’re on the right side of the law. Instead, it requires a proactive approach to genuinely minimising the negative impact that the business could have on people and environment. Building a reputation as a responsible business can set your organisation apart in a world where this is simply not a priority for many. A prominent CSR policy can attract customers and partners, delivering a competitive advantage that is not available to those organisations that have not taken the time to create one.
Attracting the right people
Clear brand values have a crucial role to play in whether your recruitment processes are attracting the right people. For many top candidates now, CSR is a key component in terms of what they are looking for when it comes to an ideal employer. When CSR policies underpin a business infrastructure they often create a more positive working environment in which there is a general consensus on the business’ values that can lead to better results and exciting innovation.
Enabling organisational growth
There are many different ways to measure organisational growth and CSR can have a broad impact on many of them. It may be the ability to obtain finance from the right finance partner at the right time – or an uptick in sales as a result of using a new, more prominent position on CSR as part of a marketing campaign. If you’re looking to find new ways to expand the reach of your business there are many advantages to using CSR to do it.